Stock Market & Financial Investment News

Plug Power rises after Cowen sees profitability coming, upgrades stockShares of fuel cell maker Plug Power (PLUG) are climbing in early trading after research firm Cowen upgraded the stock in a note to investors earlier today. WHAT'S NEW: Plug Power's $80M in bookings so far in 2014, which are 100% higher than the corresponding period in 2013, indicate that the company will become profitable in the fourth quarter, Cowen analyst Robert Stone wrote. The company reported a per share loss, excluding certain items, of (6c) for the first quarter. Moreover, the company's strong cash levels should enable it to develop new products, expand into Asia, and support its expansion into the hydrogen generation market, Stone believes. After visiting one of the company's factories yesterday, Stone reports that it appears to be producing its GenKey fuel cell product at much higher rates. The analyst cut his price target on the shares to $6 from $7.50 based on higher expenses and new shares issued by the company. However, he upgraded the stock to Outperform from Market Perform. PRICE ACTION: In mid-morning trading, Plug Power climbed 15c, or 4%, to $3.97. The stock is still down over 40% in the last month. OTHERS TO WATCH: FuelCell Energy (FCEL) and Ballard Power Systems (BLDP) also produce fuel cells.